IC 4 Common ownership: wholly-owned groups of companies
Interests held

(1)

A wholly-owned group of companies means 2 or more companies in relation to which a group of persons holds, for the relevant period,—

(a)

common voting interests that add up to 100%; and

(b)

if a market value circumstance exists for a company that is part of a group of companies, common market value interests that add up to 100%.

Employees’ share purchase schemes

(2)

In subsection (1), company shares held by the trustee of, or by employees or former employees of the company as a consequence of the operation of, a share purchase scheme are disregarded to the extent to which they represent voting interests in the company that add up to no more than 3%, or, as applicable, market value interests in the company that add up to no more than 3%.

Defined in this Act: common market value interest, common voting interest, company, employee, group of companies, group of persons, market value circumstance, market value interest, share, share purchase scheme, trustee, voting interest, wholly-owned group of companies

Compare: 2004 No 35 s IG 1(3)